We know that SMEs form 99% of businesses within the UK, just as in most other developed nations. However, 96% percentage of these are actually Micro SMEs – businesses with 9 or less employees.
Working on the basis that there are around 5.7 million businesses operating in the UK, that means a staggering 5.4 million are then Micro SMEs.
Research from Experian shows that the average turnover of UK micro businesses stands at £286,879 so it isn't hard to see how vital they are to our overall economy.
Drilling down even further, much Government focus has been on high growth enterprises, accelerator programmes and incubator hubs yet these only represent a tiny fraction of the Micro SME sector. For your average business owner in late 2022, their prime focus is simple – survival.
- Most will not access support of any kind
- Few will have had any form of business or skills training
- Many will spend all their time in their business rather than on it
- A majority will struggle with the complexities of running a business in today’s world
- Only a tiny number could actually be classed as true ‘entrepreneurs’ – most are just happy trying to make a living from their skill/hobby/calling
The result? Declining profits, increasing amounts of insolvencies, rising levels of anxiety and economic decline both locally and nationally.
At a time when all enterprises - large and small - are being hit by a toxic cocktail of rising costs caused by the illegal invasion of Ukraine, economic uncertainty from Brexit and the Pandemic plus increasing technological disruption from Artificial Intelligence, it is the Micro SMEs who will be most affected.
That’s why we at DNAsix believe in offering truly diverse and inclusive business support. Whilst we enjoy helping people who are already running a successful company, we also love to help the start-ups, the one man/woman bands, the Community Interest Companies and those who are just trying to stay afloat.
Whilst very few of them will win awards, grace the pages of glossy magazines or deliver large profits, they are absolutely vital to the well-being of our country and should be supported wherever possible.
If you would like to join us in helping the UK's Micro SMEs, then do get in touch via david@dnasix.com
In the meantime, wish everyone a very Merry Christmas and we look forward to helping plenty of Micro SMEs in 2023!